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EUR/USD consolidating slightly above 1.1200

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD has remained steady during the American session, consolidating modest losses and holding above 1.1200. The pair is falling for the third day in a row but still trades significantly above the level it had before the FED statement and decision of last Wednesday.

    A stronger greenback across the board pushed to pair to the downside on Tuesday. It bottomed at 1.1187, but then bounced to the upside. The recovery from the lows found resistance at 1.1235/40 from where EUR/USD bounced back toward 1.1200.

    Despite falling against the US dollar, the euro is the top performer among European currencies and it is posting marginal gains against the yen.

    EUR/USD: inside a downtrend channel

    Price continue to move inside a bearish short-term channel, originated at Friday’s highs. The upper limit of the channel is located at 1.1240/45; a break higher could weaken the US dollar. The euro continues to move with a corrective bias after rallying last week almost 300 pips from 1.1050 to 1.1340.
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